The Bombay High Court has broadened the definition of 'promoter' under the Real Estate (Regulatory and Development) Act (RERA), now including co-promoters. This groundbreaking ruling holds co-promoters jointly liable for refunds, alongside primary promoters, in cases of project delays, even if they haven't directly received funds from flat buyers. The verdict, delivered on February 26, has stirred the real estate industry, particularly impacting redevelopment projects in Mumbai. Stemming from an appeal filed by Wadhwa Group Housing Pvt Ltd, the decision clarifies the obligations of co-developers and investors, marking a significant legal precedent in RERA enforcement.Read more

In Mumbai's Chembur, the revival of the Sky Annex slum rehabilitation project by Stans Buildtech Homes brings relief to homebuyers after years of delays. With SWAMIH Fund's INR 160 crore injection, construction is set to resume, addressing tenant, approval, and financing hurdles. Colliers India facilitated negotiations among stakeholders, ensuring a win-win solution. Launched in 2019, SWAMIH Fund tackles stalled housing projects nationwide, backed by a INR 15,530 crore corpus, showcasing government commitment. This investment not only aids homebuyers but also boosts the real estate market and economy. Yet, streamlining approval processes remains crucial for sustained progress.Read more

The first phase of the Mumbai Coastal Road project was inaugurated by Maharashtra Chief Minister Eknath Shinde on March 11, 2024. Stretching 10.58 km from Worli to Marine Drive, the coastal road aims to ease traffic congestion in south Mumbai. Only southbound traffic is allowed initially on the INR 12,721 crore project. A key feature is the upcoming bow-string bridge connecting to the Bandra Worli Sea Link. The coastal road project's next phase will extend the road 20.75 km from Versova to Dahisar in Mumbai's western suburbs. Once completed, the Mumbai Coastal Road promises to transform the city's transportation infrastructure and quality of life for its residents.Read more

Sion East, nestled in Mumbai, epitomizes a vibrant blend of residential and commercial spaces, boasting dynamic markets and cultural diversity. Renowned for its amenities and accessibility, the locality is a prime living destination. January witnessed 18 apartment transactions across 10 buildings, split between developer sales and resale. Dosti Mezzo 22 and Kings My Home led the sales, with Vaibhav Pinnacle showcasing the highest-priced apartment at INR 7.5 crores. Prices ranged from INR 11,000 to INR 39,000 per square foot, with a weighted average of INR 24,267. Most transactions occurred within the INR 1-5 crore range, while some fell below INR 1 crore, with one notable sale exceeding INR 10 crores.Read more

The Bombay High Court declined to halt the creation of additional tenements for project-affected persons (PAP) in Mumbai, amidst a PIL seeking to cancel BMC's scheme procuring housing from the open market. Justices Gautam Patel and Kamal Khata emphasised the wider public interest in providing housing for PAPs affected by infrastructure projects. The court heard three PILs alleging a scheme benefiting certain developers. BMC began purchasing housing units at market rates from developers in 2021, prompting scrutiny over the PAP policy's validity.Read more

The Brihanmumbai Municipal Corporation (BMC) is spearheading transformative infrastructure projects in Mumbai's Western Suburbs. A tender for a Madh-Versova Bridge, spanning 600 meters with a cable-stayed segment, aims to alleviate reliance on ferry services, costing INR 1800 crores. Another crucial venture, an elevated road over the Khar subway, projected at INR 1300 crores, will enhance east-west connectivity in Bandra. Despite environmental and community concerns, BMC's proactive approach, including stakeholder consultations and mangrove preservation efforts, reflects a commitment to holistic urban development. These initiatives promise improved mobility, signaling a strategic leap towards a more efficient and sustainable urban transportation network in Mumbai.Read more

The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions.Read more

A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST.Read more

The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector.Read more

IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.Read more

Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.Read more

In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions.Read more

Jogeshwari West continues to assert its status as a bustling and thriving locality within Mumbai's western suburbs. January witnessed a flurry of real estate activity, underscoring the area's popularity among homebuyers and investors alike. With an equal mix of developer sales and resale transactions, the neighborhood demonstrates its appeal to a diverse range of buyers. From Vision Heights to Hill Park Tower and beyond, the variety of residential options cater to different preferences and budgets. As Jogeshwari West evolves with modern developments while retaining its traditional charm, it remains a dynamic and sought-after destination for those seeking convenience, accessibility, and a vibrant living environment in the city of Mumbai.Read more